Good morning. The ceasefire rally lasted about as long as the ceasefire itself. The USS Spruance fired on and seized an Iranian-flagged cargo ship, the Touska, in the Gulf of Oman on Sunday after it tried to break through the US naval blockade. Tehran is calling it piracy and promising a swift response. The Strait of Hormuz is shut again.

Oil is doing exactly what you'd expect. Brent surged 5.5% to $95.42, WTI jumped 6% toward $89. Iran re-closed Hormuz on Friday after briefly opening it during the ceasefire window, and this latest incident makes any near-term reopening look unlikely. Twenty percent of global seaborne oil passes through that corridor. That number is doing all the work right now.

The DAX opened at 24,229, up about 1%, but that's still trading on Friday's optimism. The ship seizure hadn't fully priced in yet. Expect that gap to narrow.

US futures are already pointing lower. Dow futures down 358 points, S&P off 0.58%, Nasdaq futures down 0.53%. This comes after a monster week: S&P gained 4.5% to close at 7,126, Nasdaq popped 7.2% to 24,468, and the Dow added 869 points on Friday alone to finish at 49,447. All of that was built on ceasefire momentum. That foundation just cracked.

Asia traded before the worst of it. Nikkei closed at 59,106 (+1.08%), Hang Seng barely moved at 26,205 (+0.17%).

Bitcoin is holding around $74,500, down about 1.3% as risk-off builds. ETH slipped to $2,312. Gold is doing what gold does when things get messy, sitting at $4,765 and barely flinching. Safe haven flows are real and they're not slowing down.

Big earnings week ahead. NVDA, AAPL, MSFT, AMZN and META all reporting. But geopolitics is going to dominate until there's clarity on whether the Pakistan talks can salvage anything from this.

Last week was hope. This morning is reality. Let's see which one holds.